 and bank failures contributed $70 billion to the deficit. Another factor in the projection increase was President Biden's student loan policies. That includes canceling loans, adjusting loan balances, and implementing a new repayment plan. The CBO says those policies added $145 billion to the deficit. Other elements have also increased the deficit over the past few months, including higher interest rates that makes it more expensive for the government to pay its debt. And the continuing impact of the 2017 Trump tax cut legislation also adds to the deficit.